Beefy Finance Introduce Wrapped $JOE

Beefy Finance’s new wrapped $JOE paves way for a new collective staking strategy

Wrapped $JOE

Beefy Finance is helping its community in maximizing rewards on Trader Joe ($JOE) through collective staking power with its newly introduced wrapped $JOE.  

With the introduction of beJOE on April 7 in Beefy’s blog, the Beefy community can stake beJOE to earn $veJOE, maximizing emissions on boosted farms. beJOE stakers earn 5% of emissions from those boosted farms. 

“Here’s yet another chance for the Cowmoonity to earn maximized rewards through our collective staking power. This time, our Trader Joe strategy is here to help you maximize your veJOE rewards,” the blog states. “Don’t mess around staking yourself, simply mint beJOE and get a boost to your JOE earnings courtesy of Beefy.”

beJOE can be minted by depositing $JOE in Beefy Finance’s vault at a 1:1 ratio. A withdrawal reserve will be utilized when the wrapped $JOE is burned. There will be no liquidity pool for beJOE. 

Source: Beefy Finance’s wrapped $JOE token is called beJOE

How does $JOE work?

$JOE is the native token for Trader Joe, a Decentralized Exchange (DEX) on Avalanche. The token has a fixed supply. $JOE token holders are rewarded with a share of the platform’s revenues. $JOE can be staked to earn the following: 

rJOE to participate in Rocket Joe Liquidity Launch platform

sJOE to earn stablecoin rewards and share in the platform’s revenue

veJOE for boosted JOE rewards in selected farms and governance voting power

Source: Trader Joe offers attractive rewards for its stakers and is one of the fastest-growing DEX in the crypto space

Long-term stakers can maximize rewards through the veJOE staking mechanism, where stakers will receive veJOE over time. The more veJOE is held by a staker, the higher the JOE yield on Trader Joe’s farms. If a 5% is added to the existing stake, the veJOE accrual boost will be activated. 

How to use beJOE:

The wrapped version of $JOE is called beJOE. Stakers earn 5% emission from the boosted farms. Beefy will stake 80% of the $JOE to earn veJOE and hold the balance for withdrawal reserve. 

Every Farm added to the boosted Farms, Beefy will divert 5% of the harvest to the beJOE reward pool. Additional JOE that is deposited to the vault will be held back until a Speed Up bonus is activated on veJOE. This will be done in increments of 5% of the total amount staked in veJOE. 

Holders of beJOE can participate by staking in the following manner:

  • Vault to earn more beJOE
  • Earnings pool to earn JOE

Beefy charges its normal 4.5% performance fees on boosted farms plus an additional 5% delivered directly to beJOE stakers.

What is Trader Joe:

Trader Joe ($JOE) is a DEX on the Avalanche ($AVAX) blockchain. The platform offers DeFi services, swapping, staking, and yield farming. It is one of the fastest-growing DEX in the crypto ecosystem, and it currently has $1.37 billion in Total Value Locked (TVL) on its platform.   

For more information on Trader Joe, check out the following links:

Website | Twitter | Discord | Telegram 

What is Beefy Finance:

Beefy Finance is a multi-chain yield optimizer on BNB Chain. The protocol’s token, $BIFI, is currently trading at ~$1,397, according to CoinMarketCap. Beefy is known for its high yields on their compounding interest for investors. Beefy Finance offers unique vaults for users to stake crypto tokens and earn high yields from their deposits. 

For more information about Beefy Finance and its vaults, check them out at the following links:

Website | Medium | Telegram | Discord | Twitter | GitHub | Additional Resources

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